Gas and Food prices KEEP climbing for the American consumer as do prices for other things…
All this does NOT make Americans ‘happy’ about the economy….
“Whatever Washington has done to try to fix the cost of living crisis in America, it isn’t working,” Chris Rupkey, chief economist at the research firm FWDBONDS LLC, said in an analyst note. “This isn’t just Russia and Ukraine anymore.”
The stunning run-up in gas prices has become one of the most visceral ways people feel inflation in their daily lives. As of Friday morning, the national average for a gallon of gas was $4.99, according to AAA.
Inflation continues to deliver major economic and political consequences in the United States, with companies absorbing rising costs, consumers depleting savings and Democrats fretting about fallout in the upcoming November elections. There were hopes in Washington that inflation might ease this summer, but Russia’s invasion of Ukraine in February pushed energy prices up sharply, and global leaders are scrambling to wrestle with the fallout.
Gas and energy prices were not the sole driver of May’s bleak inflation report. Categories for shelter, airfare, used cars and trucks and new vehicles were among the largest contributors. The cost of medical care, household furnishings and clothing also rose…..
Real-estate brokerage firms Redfin and Compass said that they were laying off hundreds of employees as rising mortgage rates and record housing prices cool the housing market….
Wall Street Journal
And the Fed is expected to double UP on its next interest rate hike?